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Kuwait stocks end lower as telecom & real estate drop – Ooredoo plunges 28 fils, IPG spikes 8.75%

KUWAIT CITY, Oct 15: Kuwait stocks closed slightly lower on Sunday as a sharp decline in telecom and real estate shares offset gains in technology and oil & gas sectors. The main index fell 6.24 points in a lackluster trade to close at 6,622.3 points.

The KSX-15 benchmark was down 2.40 points to 1,002.54 points while the weighted index lost 1.08 points. The volume turnover meanwhile rebounded slightly after a drop in the last session. About 82.4 million shares changed hands, a rise of 13.66 percent from the previous session.

The sectors closed mixed. Technology outshone the rest with 2.77 percent upswing while, oil and gas closed 2.41 percent higher to stand next. Real estate dropped 1.72 percent to end the day as the weakest performer. In terms of volume, financial services topped with 39.3 pct market share while banks trailed far behind with 25.66 pct.

In the individual shares, Independent Petroleum Group spiked 8.75 pct, whereas Ajwan Gulf Real Estate Co climbed 7.93 pct to 59.9 fils. Kuwait Co for Process Plant Construction jumped 6.45 pct, while Tamkeen Holding Co plunged 13.98 pct on the back of more than 2 million shares and National Industries Group sank 4.52 pct to KD 0.148 in heavy trading.


Top gainer of the day, Burgan Co for Well Drilling surges 19.9 percent in small trading volume, while Kuwait Cable Vision advanced 16.6 percent to stand next at 29.5 fils. Real Estate Asset Management Co plummeted 20.0 percent, the steepest decliner of the day. The heaviest traded stock, Ahli United Bank dived 0.95 percent on the back of about 8.3 million shares.

The market opened on a firm note and edged higher in a slightly volatile trade. The index seesawed between small gains and losses as investors toes with caution. The bourse hits the day’s lowest level of 6,615.35 points before recovering some of the losses at close.

NAPESCO shed 13 fils in small trading volume, while Boubyan Petrochemicals Co lost 3 fils to KD 0.667, and Qurain Petrochemical Co slipped 6 fils. Jazeera Airways was down 2 fils, while ALAFCO Aviation Lease and Finance advanced 6 fils to KD 0.380. Oula Fuel Marketing Co closed flat and Soor Fuel edged up 1 fil to KD 0.119.

Gulf Bank slipped 3 fils after trading more than 1 million shares to stand at KD 0.252, while National Bank of Kuwait, Kuwait International Bank closed flat at KD 0.786 and KD 0.255 respectively. Kuwait Finance House and Al Ahli Bank of Kuwait eased 1 fil each, and Burgan Bank fell 2 fils to KD 0.352. Warba Bank lost 4 fils to close at KD 0.231 and Commercial Bank of Kuwait closed flat during this session.

Boubyan Bank, however, rose 2 fils to KD 0.452. The bank announced a net profit growth of 15 percent until the end of Q3 2017. Net profits amounts to KD 34 million, while the earning per share amounts to 13.9 fils compared with 13 fils for the same period of 2016.

The market was slightly skewed towards the losers as 51 shares closed lower and 42 stocks gained. Of the 114 counters active on Sunday, 21 closed flat. A total of 2,833 deals worth KD 13.7 million were transacted, a 9.29 percent drop in value from the last session.

Kuwait Investment Co rose 4 fils, while Kuwait Projects Co was down 2 fils. National Investment Co fell 1 fil on the back of 2.3 million shares and Commercial Facilities Co edged 3 fils to KD 0.185. International Financial Advisors and Securities House Co slipped 2.91 pct and 1.58 pct. Bayan Investment Co sank 3.56 pct, while Kuwait Financial Center rose 0.99 pct in small trading volume. Asiya Capital Investment Co dropped 2.58 pct, and Amwal International Investment Co was up 3.77 pct. Kuwait Insurance Co gained 4 fils in small trading volume.

The telecommunication sector sagged during this session as Ooredoo shares plunged 28 fils in thin trading, Zain fell 4 fils after trading more than 4 million shares while Kuwait Telecommunications Co (VIVA) stagnated at KD 0.795. AAN Digital Services Co dipped 1.2 fils to stand at 31.7 fils, while Humansoft Holding Co surged 30 fils to KD 4.080. Agility slipped 1 fil to close at KD 0.839.

In the real estate sector, National Real Estate Co fell 0.76 pct, Kuwait Real Estate Co was down 1.28 pct. Massaleh Real Estate Co rose 1.79 pct in small trading volume to 39.7 fils, while Ajial Real Estate Co gained 1.19 pct. Mabanee Co lost 0.5 pct and Investors Holding Group pulled 1.95 pct lower on the back of 2.5 million shares. The Commercial Real Estate Co gave up 2.79 pct, while Al-Mazaya Holding Co did not budge from its earlier close of KD 0.114.

Gulf Cable and Electrical Industries Co closed 3 fils lower, whereas Heavy Engineering Co was down 1 fil. Kuwait Portland Cement Co dived 5 fils and ACICO Industries Co closed flat in this session. Mezzan Holding Co advanced 7 fils, whereas Umm Al Qaiwain Co added 3 fils.

The market was largely downbeat during last week. The price index closed lower in three sessions and plunged 32.16 points in the five sessions. However, it has gained 15.21 percent year-to-date. Boursa Kuwait is the second largest bourse in the region.

By Iliasu Abubakari – Arab Times Staff



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